OJSC MAGNIT - 1Q 2014 Operating Results

Press-release

Krasnodar

April 10, 2014

OJSC "Magnit" Announces 24.48% Retail Sales Growth in Rubles for
March 2014[1]

Krasnodar, April 10, 2014: OJSC "Magnit", Russia's largest food
retailer (the "Company"; MICEX and LSE: MGNT) announces 24.48% retail sales
growth in rubles for March 2014.

During March 2014 the Company opened (net) 49 stores. The total
store base reached 8,256 stores (7,341 convenience stores, 165 hypermarkets,
50 "Magnit Family" stores and 700 cosmetics stores).

Preliminary consolidated unaudited net retail revenue (excl. VAT)
in 3M 2014 increased by 24.95% in ruble terms (compared to 3M 2013) and stood
at 163,951.83 million rubles.

According to Rosstat food inflation in March 2014 amounted to 1.8%
compared to 0.4% in March 2013, in 3M2014 - 4.0% compared to 3.0% in 3M2013.

March and 3M 2014 Key Operating and Financial Highlights:

                                   March 2014    March 2013     Growth Rate     3М 2014    3М 2013     Growth Rate
Number of opened stores, NET                 49            80             n/a          163         191             n/a
               convenience stores            45            70             n/a          141         163             n/a
                     hypermarkets             3             4             n/a            4           6             n/a
                    magnit family             2             0             n/a            4           1             n/a
                 cosmetics stores           (1)             6             n/a           14          21             n/a

Total number of stores                    8,256         7,075             n/a        8,256       7,075             n/a
               convenience stores         7,341         6,209             n/a        7,341       6,209             n/a
                     hypermarkets           165           132             n/a          165         132             n/a
                    magnit family            50            21             n/a           50          21             n/a
                 cosmetics stores           700           713             n/a          700         713             n/a

Selling space growth, th. sq.m.           24.54         38.81             n/a        57.24       80.62             n/a
               convenience stores         12.60         22.84             n/a        37.51       52.74             n/a
                     hypermarkets          8.68         14.39             n/a        10.66       19.85             n/a
                    magnit family          2.46             0             n/a         4.82        1.45             n/a
                 cosmetics stores          0.79          1.58             n/a         4.25        6.58             n/a

Selling space, eop, th. sq. m.         3,068.61      2,629.88          16.68%     3,068.61    2,629.88          16.68%
               convenience stores      2,349.71      2,030.20          15.74%     2,349.71    2,030.20          15.74%
                     hypermarkets        493.53        407.46          21.12%       493.53      407.46          21.12%
                    magnit family         58.08         25.81         125.06%        58.08       25.81         125.06%
                 cosmetics stores        167.29        166.41           0.53%       167.29      166.41           0.53%

Number of customers, million             241.31        202.41          19.22%       662.66      563.01          17.70%
               convenience stores        211.57        181.07          16.84%       582.77      505.46          15.30%
                     hypermarkets         19.70         15.55          26.63%        53.07       42.13          25.98%
                    magnit family          4.39          2.07         112.40%        11.53        5.58         106.65%
                 cosmetics stores          5.65          3.72          52.05%        15.29        9.85          55.23%

Net retail sales, million RUR         59,813.27     48,051.12          24.48%   163,951.83  131,217.87          24.95%
               convenience stores     45,654.95     37,801.71          20.77%   126,020.31  104,145.23          21.00%
                     hypermarkets     11,045.11      8,573.74          28.82%    29,589.83   22,670.89          30.52%
                    magnit family      1,704.15        729.71         133.54%     4,453.55    1,935.79         130.06%
                 cosmetics stores      1,409.07        945.96          48.96%     3,888.13    2,465.97          57.67%

Net retail sales, million US$[2]       1,651.73      1,560.17           5.87%     4,689.82    4,314.36           8.70%
               convenience stores      1,260.75      1,227.38           2.72%     3,604.79    3,424.23           5.27%
                     hypermarkets        305.01        278.38           9.57%       846.41      745.40          13.55%
                    magnit family         47.06         23.69          98.62%       127.39       63.65         100.15%
                 cosmetics stores         38.91         30.71          26.69%       111.22       81.08          37.17%


LFL results

Formats                                                        1Q 2014 - 1Q 2013[3]
                                     # of Stores               Average Ticket            Traffic           Sales
Convenience Stores                      5,851                       5.32                  0.61             5.96
Hypermarkets                             128                        4.34                  4.62             9.17
Magnit Family                             21                        5.27                  9.93             15.73
Cosmetics Stores                         571                        1.97                  50.54            53.50
Total                                   6,571                       5.60                  1.79             7.49

For further information, please contact:

Timothy Post                                                Director, Investor Relations
                                                            Email: [e-mail]
                                                            Office: [phone] x 17600
                                                            Mobile: [phone]
                                                            Direct Line: [phone]

Dina Svishcheva                                             Deputy Director, Investor Relations
                                                            Email: [e-mail]
                                                            Office: [phone] x 15101
                                                            Mobile: [phone]
                                                            Direct Line: [phone]

Company description:

Magnit is Russia's largest food retailer. Founded in 1994, the
company is headquartered in the southern Russian city of Krasnodar. As of
March 31, 2014, Magnit operated 23 distribution centers and over 8,200 stores
(7,341 convenience, 215 hypermarkets, and 700 cosmetics) in more than 1,905
cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS consolidated financial
statements for 2013, Magnit had revenues of $18,202 million USD and an EBITDA
of $2,032 million USD. Magnit's local shares are traded on the Moscow Stock
Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT)
and it has a credit rating from Standard & Poor's of BB. Measured by market
capitalization, Magnit is one of the largest retailers in Europe.

---------------------------------

[1] According to management accounts

[2] Based on the average exchange rate for March 2014 - 36.2124 RUB
per 1 USD, March 2013 - 30.7987 RUB per 1 USD, 3M 2014 - 34.9591 RUB per 1
USD, 3M 2013 - 30.4142 RUB per 1 USD

[3] LFL calculation base includes stores (all formats), which have
been opened 12 months prior to the last month of the reporting period. i.e. by
March 1, 2013.